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A worthwhile investment in Compton

Compton mortgage rates make the city the ideal place to purchase a home or refinance. For a 30-year fixed rate mortgage, rates are hovering around 3.8 percent and depending on other factors, the rates tend to get high into 4.5 percent. Mortgages are also available at 20- and 15-year fixed rates, but if this sounds complicated, don't worry: We have even included this easy-to-use calculator to help you get a jump start on the process.

Find your new home to Compton

A new community to say you're part of

St. Mary's County Public School District offers 18 elementary, 22 middle, and 4 high schools, and an estimated 680 students are currently enrolled in the public school district. In addition, there are a variety of private school options with 30 elementary, 30 middle, and 4 high school options. There are approximately 2,680 students currently enrolled in private school throughout St. Mary's County. The county is 78 percent White, 14 percent Black/African-American, 3 percent Hispanic and 2 percent Asian. In Leonardtown, 10 minutes away from Compton, there are 446 doctors within the city limits, and 37 hospitals within 60 miles. With a walkability score of 6, Compton is a car dependent area because a car is needed for essentially all errands.

Become a homeowner in Compton

Let Earnest guide you through the homebuying or refinancing process

Your home in Compton awaits--but first, you'll need to secure a home loan. Earnest can simplify the process considerably. In terms of mortgage rates, much is dependent on factors such as ZIP code and your purpose for applying for the loan. Your realtor can advise about any special rates or discounts. Once you have your home loan in hand, your future in Compton, Maryland awaits. Some homeowners decide to refinance, a technique which allows you to free up much-needed funds to spend on things like renovations and college tuition. Let Earnest guide you along the way, providing the info you need to refinance with ease.

Common Questions About Compton Mortgage Rates

All The Answers You Need to Settle Down Sooner

Should I choose a fixed or adjustable rate?

It depends how long you expect to stay in the home. Adjustable rates are good for people who may not be in the home long, whereas fixed rates are ideal for people who are confident of settling in.

Do I need a home appraisal?

Probably—in most cases, the homebuyer must use an appraiser to evaluate the value of the home. Appraisal costs vary depending on the value of the property, as well as the state the house is in. Buyers cannot choose their own appraiser—the bank makes the decision.

What is PMI?

Private mortgage insurance (PMI) is required when a homebuyer makes a down payment of less than 20%, or when a borrower refinances with less than 20% equity in the home. PMI fees vary according to your down payment and credit score, and adds a premium to your monthly mortgage payment. Please note, PMI is tax-deductible in 2015 and 2016 for certain income brackets.

What does Loan-to-Value mean?

Loan-to-Value (LTV) is the percentage of your home’s value that your loan represents. When refinancing, the calculation is simply the loan amount divided by the appraised value. When buying a home, the LTV is found by dividing by either the purchase price or appraised amount, whichever is lower. When the LTV is less than 80%, the lender generally requires PMI.

For example:

Purchase price: $100,000
Down payment: $15,000
Loan amount: $85,000
Appraised value: $110,000
LTV: $85,000/$100,000 = 85%

What are closing costs?

Closing costs are standard fees associated with a real estate transaction. You will typically pay about 2-5% of the purchase price in closing costs—the exact amount depends on where you are buying (or refinancing), as well as number of extra fees involved in your particular transaction. Earnest charges no lender fees, so the borrower is only responsible for 3rd-party fees.

What should I consider before refinancing my mortgage?

Refinancing your home loan is an attractive option when rates are low. A simple rate and term refinance can help you lower your monthly payment and potentially eliminate your PMI premium, as long as you have built up enough equity in the home. You might also use a cash-out refinance to access some of the equity you’ve built up in the home (which may result in a higher monthly payment on your new loan).

However, keep in mind that refinancing a mortgage does involve several fees (closing costs). Before refinancing, you should calculate the ‘break-even’ point at which your refinanced loan makes up for the closing costs. If you plan to leave your home before this time, it’s better to stay with your current mortgage.

Knowledge Is (Buying) Power

Further Resources from the Earnest Blog

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The intelligent home loan

When it comes to finding the right home loan, Earnest works hard to ensure that the process pain-free. We use an industry-leading and intuitive online-only application (meaning most times no scanner or fax machine required), a 5-star client service team, and a unique rolling pre-approval that stays current while you track down that perfect home. At Earnest, the home loan process is like no other.